Gasoline prices heading into this July 4 weekend are higher than they’ve been since 2008—when record-high numbers at the pump produced lots of political fireworks.
The nationwide average price for a gallon of regular going into this week was $3.70, according to the U.S. Energy Information Administration. A year ago it was $3.50.
But the Energy Department agency also had some good declarations about the cost of pursuing motoring happiness:
The average price of gasoline so far in 2014 is $3.54, the lowest average at the halfway point of the year since 2011.
The reason is self-evident: The price of gasoline is dependent mostly on the price of crude oil, which has been fairly stable this year, averaging around $100 a barrel for U.S. benchmark West Texas Intermediate.
The normal springtime run-up at the pump peaked at $3.71 on April 29, down from 2013’s peak of $3.78.
On Wednesday, the national average for regular was $3.67, according to AAA’s Daily Fuel Gauge Report. In Houston, regular averaged $3.50, the auto club said, up from $3.32 a year ago.
The record high price for regular in Houston was $3.96 on July 17, 2008, during a summer in which the price of U.S. benchmark crude hit a record $145 a barrel on July 3. High fuel prices became an issue in the 2008 presidential election.
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